BGF backs Plantforce with £4.7m investment for growth
Plantforce, the largest provider of heavy equipment rentals in the South West, has received a £4.7m growth capital investment from BGF to further scale its operations. The company, whose clients include Kier, Costain, Balfour Beatty and BAM construction groups, will use the funding to support its growth plans in expansion, acquisition and geographical locations.
Founded in 1999, Plantforce operates from four depots in Bristol, Exeter, Bridgwater and Birmingham. It has one of the most modern and diverse ranges of excavator equipment in England - comprising over 750 machines and 250 attachments. The business is highly accredited and focuses on providing specific bespoke services across all sectors of the construction industry, including skilled operators and 24-hour customer support.
Plantforce is one of only a small number of contractors to hold approved supplier status for both nuclear sites and network rail. The company is currently the largest supplier of specialist equipment for the construction of Hinkley Point C, a new nuclear power station providing low-carbon electricity across the South West, and has already provided machinery for ground investigations at HS2.
Claire Trott, Managing Director of Plantforce, said: “This is a really exciting time for Plantforce. We have a clear vision of the future and, we’re very pleased to have BGF’s support at this crucial stage in our growth phase. The investment will not only enable us to diversify and expand our fleet, but also to continue and strengthen our service offering, what we do best, but strive to do better. Providing our customers with a greater flexibility to exceed their requirements, and supporting them in finding solutions,”
Ned Dorbin, an investor at BGF, said: “Plantforce has established a strong position in the construction market as a provider of exceptional quality machinery supplemented with round-the-clock customer care. Providing operated kit is one of their key differentiators and we believe the company is well-positioned to capitalise on several large infrastructure projects over the coming years. We’re very happy to be backing them ahead of what looks to be a very exciting time for the business.”
The investment was led for BGF by Ned Dorbin, Edwin Davies and James Skade.
The advisors to the transaction were:
For BGF: Foot Anstey (Ken Lewins and Adam McKenna) and KPMG (Bhupinder Purewal)
For Plantforce: TLT (John Wood)
BGF is the most active and influential investor in small and mid-sized businesses in the UK, with £2.5bn to support a range of growing companies – early stage, growth stage and quoted – across every region and sector of the economy. In Ireland, BGF has an additional €250m to support Irish SMEs on a similar growth path.
BGF makes long-term equity capital investments in return for a minority stake in the companies it backs. Initial investments are typically between £1m-£10m followed by significant follow-on funding as required. BGF is a minority, non-controlling equity partner with a patient outlook, based on shared long-term goals with the management teams it backs.
With a specialist internal team of over 150 people, combined with an unparalleled international network of business leaders, sector experts, and board-level non-executives, BGF has a unique platform and capability to support growing UK and Irish SMEs. This is further reinforced through dedicated in-house support with Chair and senior executive selection and appointments provide by our Talent Network, now some 5,000 strong.
BGF invests off its own balance sheet allowing it to offer truly flexible investment structures with a mix of equity and loan notes as appropriate. BGF can also provide equity release for existing shareholders, and funding to support acquisitive and organic growth strategies at home and abroad.
Social media: @BGFinvestments